As warm summer temperatures beckon Ontario's boaters to the water, we want to remind you that safety extends beyond having an adequate number of life jackets and good navigation skills. As much fun as boating can be, boat ownership comes with its share of risks, both on and off the water. The right insurance policy shields you from financial setbacks, ensuring your boating adventures remain a source of enjoyment, not stress.
Understanding Boat Insurance
While not legally mandated in Ontario, boat insurance can be a requirement for financing or marina storage. More importantly, it safeguards your investment and protects you from potential lawsuits related to boating accidents.
The cost of boat insurance varies widely, influenced by factors such as the type and size of your vessel, your boating experience, and where you store your boat. Smaller boats typically cost less to insure than larger ones, reflecting the difference in replacement value and potential risk.
A Must for Smart Boaters
If you're planning to operate a motorized boat, getting your boating license isn't a recommendation — it's the law. The Pleasure Craft Operator Card (PCOC) is a lifetime certification with no annual fees. This process, along with taking additional boating safety courses, is an investment in your safety and the safety of others. Plus, there's a financial benefit: many insurance providers offer discounts to licensed boaters who've completed safety courses. They recognize that educated boaters are less likely to have accidents or file claims. By taking the time to get licensed and learn proper boating skills, you're setting yourself up for safer, more enjoyable experiences on Ontario's beautiful waterways, all while lowering your insurance costs.
Choosing the Right Policy
When choosing a policy, consider coverage for the hull, propulsion components, and onboard equipment. Many policies also offer protection while your boat is in transport or storage. It's important to review these details carefully to ensure you’re covered.
A stand-alone boat policy often provides better coverage and keeps your home insurance separate, offering peace of mind and financial protection.
Balancing Cost and Coverage
As with all insurance, the cheapest option isn't always the best. Look for a policy that gives you confidence on the water. After all, boating should be about relaxation and enjoyment, not worrying about what might go wrong.
By securing the right boat insurance, you're not just protecting your vessel, you’re safeguarding your summers of fun on Ontario's beautiful waterways. So before you cast off this season, make sure you're properly covered. You'll be glad you took these precautions when you're enjoying worry-free days on the water.
At Salus Mutual, we understand the unique needs of Ontario boaters. Our commitment to the community extends to ensuring you have the right coverage for all of your nautical adventures. Reach out to us to learn more about how we can help you stay protected on the water.
